The main differences between New York and California’s incentive programs, particularly in the contexts of solar energy and film production, are summarized below:
Solar Incentives
- New York:
- Offers direct cash incentives of $0.40-$0.70 per watt and a state tax credit of 25% (up to $5,000).
- Provides a property tax exemption for 15 years and offers zero-interest financing options.
- These incentives can reduce solar costs by up to 60%.
- California:
- The NEM 3.0 program includes enhanced battery storage incentives, peak period export credits, smart home integration bonuses, and local utility rebates.
- Strategic system design is crucial for maximizing savings under this new framework.
Film Production Incentives
- New York:
- Offers a fully refundable film tax credit of up to 30% on qualified production expenses.
- An additional 10% credit is available for productions outside of New York City and specific counties.
- The annual cap for the program is $700 million.
- California:
- Provides a non-transferable and non-refundable tax credit of up to 20% for qualified costs, with an annual cap of $330 million (set to increase to $750 million in 2025-26).
- Credits cannot be used for above-the-line spending such as actor salaries and require a competitive allocation process.
These differences highlight New York’s strong focus on refundable credits and broader solar incentives, while California emphasizes competitive allocation for film credits and diverse solar incentives with a focus on smart grid integration.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-main-differences-between-new-york-and-californias-incentive-programs/
